by Guest » Mon Aug 24, 2009 04:54 pm
I own a whole life policy with my wife as beneficiary, which I have paid personally over the years. I entered into a business relationship several years ago and gave an assignment to my business partner. The business relationship did not go well, and we are now in court suing each other. I called to cancel the insurance policy, and the company refuses without written consent from the assignee. How is this when I own the policy, personally paid for it, and want to change it? Thank you.
Posted: Fri Sep 04, 2009 04:58 am Post Subject:
As long as their is an absolute assignment on the policy, you have given up the ability to make changes. What good would an assignment be if the owner still had complete control over the policy?
Posted: Fri Sep 04, 2009 05:07 am Post Subject:
Even if you were to cancel it, you never know how the court proceedings could end up.....same thing happens in divorce cases, and plenty of times it doesn't turn out too well.
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